Make Money with Affordable Apartment Buildings and Commercial Properties

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  • Edition: 2nd
  • Format: Paperback
  • Copyright: 2008-04-04
  • Publisher: Wiley
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Make Money with Affordable Apartment Buildings and Commercial Properties, Second Edition, shows you how to build wealth with affordable multi-unit residential and commercial buildings. Low-priced income properties can yield higher returns than single-family homes?especially if you manage them yourself. This book shows you how to find, assess, buy, and manage apartment buildings, retail offices, self-storage, and other overlooked investment alternatives. In today?s tough housing market, these properties offer great returns.

Author Biography

Gary W. Eldred, PhD, has investedsuccessfully in real estate for morethan twenty-five years and has servedon the graduate business school faculty at Stanford University and the University of Virginia. One of America's top-sellingreal estate authors, Eldred's other books include Investing in Real Estate, Fifth Edition, Trump University Real Estate 101, and Make Money with Flippers, Fixers, and Renovations, Second Edition, all from Wiley.

Table of Contents

Introduction: How to Start
Develop Your Analytical Abilities
Develop an Entrepreneurial Spirit
Uncommon, Yet Essential
Entrepreneurs Create Value for Themselves and Their Customers (a.k.a. Tenants
Market Savvy: Systematic Strategic Thinking
Profit with Commercial and Multifamily Properties
Advantages of Commercial and Multifamily Properties
Cost of Acquisition
Cash Flows Relative to Price
Search Time
Trade Up Tax Free
Owner Will Carry Financing (OWC
Create Value
Summing Up
Craft Your Market Strategy
It All Depends
A Strategy of Your Own
PVP: The One Constant Rule
The DUST Strategic Framework: Questions to Answer
Entrepreneur Objectives: Know Thyself
Talents, Inclinations, and Resources
Assess Your Finances
Frame Your Due Diligence
Identify and Fully Describe the Physical Property
Understand Your Bundle of Rights and Restrictions
Where Should You Invest?
Time Period
Where's the Local Economy Headed?
Economic Base Matters Greatly
Alamo, California
Authors Neglect Economic Base
Benefit from the Lessons Learned
Where to Get Data
Will the Population Grow?
Enclaves of Existing and Potential Growth
Find Out the Actual Numbers
Beware of False Negatives
Is the Number of Jobs Increasing?
What Was the San Diego Connection?
Forecasting Recovery
Cost of Running a Business
Businesses and Employment Migrate to Lower-Cost Cities, States, and Countries
Cost of Living for Employees
Quality of Life (QOL
Quality of Life Also Attracts Wealth
Community Attitudes and Actions
Entrepreneurial Spirit
Concluding Remarks
Outperform the Competition
The Competitive Battle
Four Good Reasons to Inventory, Inspesct, and Critically Review Competitors
Where to Invest
Market Information Gives You Negotiating Power and Confidence
Searching for a Preferred Value Proposition (PVP
Constructing Your Financial Pro Formas
Identify Your Competitors
Quickly Adapt to Change
When Markets Tighten
More Practical Implications
What to Look For: The Location
School Districts
Property Taxes and Services
Crime Rates
Public Transportation
Who Are the Residents and Recent Homebuyers and Tenants?
Site Features
The Exterior of the Building
“Play the Tenant”
Inspect the Interiors of Competing Units
Aesthetics: How Does the Unit Look, Feel, and Sound?
Livability: Unit Size, Room Count, and Floor Plan
Energy Costs
The Rental Process
Choose the Best Target Market
How to Create a PVP
Diversity Rules
Demographic Differences
Psychographic Differences
Avoid Standard Labels, Picture Your Actual Renters
Hitting the Bull's Eye
Find Unique and Intense Needs
Bull's Eye Lease Assessment
Throw Away Standard Operating Procedures
How Do You Identify the Wow (PVP) Features for Your Tenants?
Informal Conversations
Pay Attention
Talk with Insiders and Experts
Use Questionnaires
Focus Groups
Anticipate and Adapt to Change
The Age Wave
Echo Boomers
Local Trends and Changes
Is the Property a Good Deal?
How Much Would It Cost to Construct the Property Today?
The Construction Cycle
Implications for Investors
Local (Regional) Recessions
Per Unit Measures
Per APartment Unit
Per Square Foot (P.S.F.) Measures
Price Per Front Foot
Gross Rent Multipliers (GRMs
Capitalized Value
Estimate Market Value
Anticipate the Future; Pay for the Present
Cash-on-Cash Return
Growth in Equity
Don't Settle for Low Rates of Appreciation
Collect More Rents
Never Accept Average
Stand Out and Stand Above
A Strategy of Your Own
Verify Current Rent Collections
Examine All Leases and Rental Applications
Interpreting the Rental Information
Rent Collections, Not Rental Rates
Talk with Tenants
Your Competitive Market Analysis
Set Your Rents with Market Savvy
The Myth of “Market” Rent Levels
Rent Levels and Vacancy Rates
The Myth of the “Market” Vacancy Rate
Think Rent Range, Not Rent Rate
Raise Rents without Substantially Improving the Building
Confirm Your Suspicions
Why Owners Underprice Their Units
Investor Opportunities with Stage-of-Life Sellers
How High Can You Go?
Selective Increases
Dealing with Current Tenants
Can You Boost Your Rent Collections by Lowering Rents?
An Extreme Example of Overpricing and Market Ignorance
A Purchase Opportunity
Time-Sensitive Rental Markets
Build Equity Fast with Sharp Interiors
The Entrepreneurial. Imperative
Too Many Investors
Too Few Sellers
Not Words of Discouragement
Your Target Market
Visualize Your Tenants
Your Suggestion Box
Figuring Payback
Fast Buck versus the Last Buck
Set Your Budget for Improvements
The Sum Effect
The Interior of the Units
Sharpen the Aesthetics
Special Touches
Safety, Security, and Functionality
Rightsizing Room Count/Room Size
Create More Storage
Check Noise Levels
Overall Livability of the Unit
Generate More Income
Your Building Sends an Advertising Message
Clean Up the Grounds
Yard Care and Landscaping
Sidewalks, Walkways, and Parking Areas
Fences, Lampposts, and Mailboxes
The Exterior of the Building
Name Your Building
Curb Appeal: Summing Up
Collect More than Rent
Build Storage Lockers
Add Other Amenities or Services
More Creative Ways to Make Money
Tailor Your Lease Agreements
Competitive Advantage
What Terms Might You Negotiate?
Should You Furnish Your APartments?
All Price Levels
High Payback
Warning: Don't Pay a Premium Price for Furnished APartment Buildings
Improve the Neighborhood
Become a Neighborhood Entrepreneur
The Huge Payback
Conclusion: Investing in Action: The Bayside APartments
Enterpreneurial Strategy
Real Estate Entrepreneurs Outperform All Other Investors
Only Investors Perform
Entrepreneurial Real Estate Investors Perform Best of All
Index Not Included
Table of Contents provided by Publisher. All Rights Reserved.

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